Remittances of Ugandan workers abroad declining-BOU

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The central bank has observed a decline in workers remittances from Ugandans working abroad.

According to Adam Mugume, the bank’s research director says for the last ten months up to April in the financial year 2017/2018 the remittances declined by 12%.

Mugume says only 150M dollars has been so far transferred by the diaspora workers compared to 1.15billion dollars collected in the ten of the previous year 2106/2017.

He says the trend is worrying as it continues to worsen the country’s current account deficit adding that the bank is yet to find out which countries have registered a big decline.

According to records from Bank of Uganda, Ugandans living and working in the diaspora’s remittances back home increased by 16 per cent registering Shs 4.3 trillion compared to about Shs3.6 trillion transferred in 2015.